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Gold/Mining/Energy : PetroQuest Energy, Inc (PQUE and T.PQU)
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To: andrew r harwood who wrote (379)7/15/1999 11:11:00 PM
From: Ed Ajootian  Read Replies (1) of 686
 
Andy,

I also am surprised that the market is not reacting to this release.

Maybe that Hawk well will have more impact than I originally thought. It found 425 feet of net pay for chrissakes!! Just for comparison for those looking on at home, the High Island well found 80 feet of pay and that baby is cranking out 15 mmcfd as we speak.

On Turtle Bayou, their batting average is .500 in that field (5 for 10), but that stat is inaccurate since the first 9 wells were drilled on either 2D or shitty 3D seismic. They've since re-shot the area with much better 3D seismic and on that data they are 1 for 1 so far.

About oil prices, I agree, this is really showing up all the so-called "experts". I have mixed feelings about an O&G company doing much hedging, especially when they do not have a lot of debt. Not sure whether PQUE even has enough production to make this sort of thing cost-effective.

I have a hunch that some analyst at one of these boutique investment firms will initiate coverage of PQUE just prior to their appearance at the EnerCom O&G conference next month. This would be perfect timing, with the Turtle Bayou well just a coupla weeks from hitting TD and hopefully the AFE for the Valentine well will have gone out by then too.
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